EUR/GBP Technical Analysis: Bulls now await a follow-through move beyond 200-DMA
|• The cross had been showing remarkable resilience below the 0.8700 handle over the past week or so and continued finding some buying interest at lower levels.
• The latest UK political development prompted some aggressive short-covering move on Thursday and helped the cross to rebound sharply from near seven-month lows.
• The upsurge helped move past 38.2% Fibonacci retracement level of the 0.9099-0.8656 recent downfall, albeit bulls struggled to build on the momentum beyond 200-day SMA.
• Technical indicators on hourly charts have already moved into overbought territory and are yet to catch up on the daily chart, which seemed to be the only factor capping further gains.
• Hence, it would be prudent to wait for a strong follow-through buying before confirming that the cross might have actually formed a firm base/bottomed out in the near-term.
EUR/GBP
Overview:
Last Price: 0.8829
Daily change: 1.3e+2 pips
Daily change: 1.46%
Daily Open: 0.8702
Trends:
Daily SMA20: 0.8795
Daily SMA50: 0.8838
Daily SMA100: 0.8881
Daily SMA200: 0.8835
Levels:
Daily High: 0.876
Daily Low: 0.8667
Weekly High: 0.8774
Weekly Low: 0.869
Monthly High: 0.8942
Monthly Low: 0.8722
Daily Fibonacci 38.2%: 0.8703
Daily Fibonacci 61.8%: 0.8725
Daily Pivot Point S1: 0.8659
Daily Pivot Point S2: 0.8616
Daily Pivot Point S3: 0.8565
Daily Pivot Point R1: 0.8752
Daily Pivot Point R2: 0.8803
Daily Pivot Point R3: 0.8846
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.